BC Bankruptcy Alternatives
By now you may be wondering which alternatives to bankruptcy could work for you. There are a number of options and the best solution might mean combining some of them. Depending on your circumstances, 4 options that you may not have considered are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.
Consolidation & Debt Repayment Plans
When you hear the words “debt consolidation,” you probably think that this means consolidating your bills and other debts into a new loan. This could work for you if you’ve got a realistic budget. For many people, it makes more sense to consolidate only their monthly payments. Don’t worry if you’ve been turned down for a consolidation loan by your lender. There are other types of debt consolidation to consider.
If you happen to have bad credit, you might be worried about consolidating your debts, but consolidating payments doesn’t mean borrowing more money, so credit problems aren’t an issue. That’s how a debt management program with a non-profit credit counselling agency works. Your creditors help you by lowering or waiving interest charges. This makes smaller payments possible, saves you thousands in interest and lets you pay back what you borrowed. Your monthly payments are based on what you can afford and there’s no loan to get you deeper into debt.
To help you pay back what you borrowed, consolidation programs and loans can help. Most people don’t want to walk away from their debts and go bankrupt, but they think they have to because they don’t know what else to do. Surprisingly, sometimes only paying back part of what you owe can also be a solution. When done properly, a debt settlement offers your creditors a lump sum of money. That might not be as far-fetched an option as you might think.
Filing for a Consumer Proposal
There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Langley is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.
What’s My Best Option?
By now you can likely gather that a lot depends on your situation. And regardless of what you’ve tried in the past, you need help taking an objective look at your whole financial situation with a fresh set of eyes. You need a trained and certified Credit Counsellor to help you come up with a good plan.
Non Profit Bankruptcy Information & Credit Counselling Advice in Langley, BC
One of our expert Credit Counsellors can help if you need answers to questions about joint debts, have questions about debts left over from a divorce, want to learn more about alternatives to bankruptcy, or want to know more about how going bankrupt would affect you. They are experts in helping people come up with good solutions to deal with their debts, and would be happy to provide you with the information you need to make an informed decision to get your finances back on track.
Your Counsellor will:
- Explain all of your options to deal with your debts, including alternatives to bankruptcy
- Show you how to effectively manage all of your bills and living expenses
- Refer you to a bankruptcy trustee in Langley if it looks like bankruptcy is your best option
- Answer your questions and give you the guidance you need to know what to do about your debts
Office Serving Langley
Suite 101 – 15399 102A Avenue
Surrey, BC V3R 7K1